Commonwealth Secretariat Leases 27248 SF At 685 3rd Ave From TIAA-CREF For $60/SF
685 3rd Ave, New York, NY, 10017
$60
$60/SF
Building Size
27,248 SF
Asset Type
Office
Closing
Jun 17, 2016
AI
The property involved in this transaction is located at 685 3rd Ave, New York, NY, 10017. It spans a total of 27,248 square feet and operates within the New York market. The rental rate is set at $60 per square foot.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not specified
- Address: 685 3rd Ave, New York, NY, 10017
- Market: New York
- Tenant: Commonwealth Secretariat
- Landlord: TIAA-CREF
- Tenant's Representative: Daniel "Dan" Organ-Cushman & Wakefield
- Brokers: Matthew Astrachan-JLL, Michael Burgio-Cushman & Wakefield
The transaction involved key individuals such as Daniel "Dan" Organ from Cushman & Wakefield representing the tenant, while brokers Matthew Astrachan from JLL and Michael Burgio from Cushman & Wakefield facilitated the deal. The landlord for this lease is TIAA-CREF.
Players
New York Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
264383.33%
Cash-on-Cash
-75561.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93